YANGON—The Central Bank of Myanmar (CBM) has cut its key interest rates by a further 1.5 percentage points as the global COVID-19 pandemic continues to take a toll on the country’s economy.

This is the third time the CBM has reduced rates since it announced a 0.5 percentage point cut on March 12, followed by a further 1 percentage point reduction on March 24. In total, the bank has cut the rates by 3 percentage points in less than two months.